AngelCiti Closer to Acquiring Carib Gaming
By emily
AngelCiti Entertainment, an online casino software company, announced today that the Company has reached agreement with its lender to retire the outstanding $300,000 loan under its Revolving Credit Agreement, plus all interest and any other amounts accrued there under.

In addition, AngelCiti will retire 25.6 million of the shares that had been held as collateral in conjunction with that loan. The result of this transaction will leave AngelCiti with approximately 6.5 million common shares issued and outstanding. The effective date of this transaction is May 20, 2005.

AngelCiti Entertainment is focused on acquiring interests in companies that provide software to the online gaming industry. Its wholly owned subsidiary, Worldwide Management, provides gaming software to online casinos including SharkCasino.com, and currently services casinos in English, Spanish, German, and Chinese.

'This immediately eliminates all but deminimus debt from our balance sheet and further eliminates the uncertainty of having a large block of shares outstanding collateralizing the loan,” stated AngelCiti President George Gutierrez, “This is the first step in our progress toward completing the acquisition of Carib Gaming and we anticipate providing investors with additional information on that transaction in the near future.'

 
 
 
 
 
Online Casino News.com provides online gamblers with information on online casino gambling, sports betting tips, wining casino tips, internet casino reviews, sports odds, matchups, results, editorial and much, much more… We also have an industry insider’s section including Internet gaming press releases, a calendar of events and gaming industry news.
Bluff Europe: Europe's leading Poker Magazine brings you the latest Poker News, Player Interviews and all the best Online Poker offers Poker in the Park: Europe's largest Poker Festival.